With its stock trading under a dollar since June 23, Midwest Banc Holdings Inc. is in danger of being delisted.

The $3.5 billion-asset company in Melrose Park, Ill., which has been struggling despite a government capital infusion, said late Monday that Nasdaq Stock Market Inc. gave it until March 15 to reach a 10-day average closing price above $1 or risk being delisted.

But Midwest said it would consider a reverse stock split if need be. The goal would be to increase its stock price by decreasing the number of shares available.

The company said it is asking shareholders for permission to pursue a split some time before next fall, according to a proxy statement filed with the Securities and Exchange Commission. A vote is to take place at a special shareholder meeting that has yet to be scheduled.

The company is also asking shareholders to approve a significant increase in the number of common shares, from 64 million to 4 billion.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.